A country with 994 women for every 1000 men is grossly uneducated about having an adequate amount of insurance for the women of the house. In most of the cases are supposed to the primary bread earner for a family so they are generally insured with the highest sum assured amount but when it comes to women it is grossly understated. Even in families where the women are also a part of the earning fraternity of house still most of them remain either underinsured or uninsured.
Take the case of family where the female member is sharing the home loan liability with her husband but when it comes to insurance you will generally find that the sum assured for the male member is always very high and compared to the female member. This is technically a paradox situation which people generally ignore. In today modern households where both the members are working and are equally responsible for the long goals and liabilities of the family having less insurance cover for the female member can considerable repercussions on the financial health of the family if she dies an unforeseen death. So it is always advised to have a term insurance cover for the women in the house to the extent of the financial responsibility she shares with her husband.
Adequate insurance for the women in the family becomes more important if her parents are dependent on her or if she is a single parent. In both the case the overall financial liability of the family lies with the women of the family. Right amount of term insurance cover is very much needed for her to handle unforeseen situation which her dependent parents or children may fall into in case of her death.
Another important scenario to look into where women of the family are mostly uninsured is the case when they are just homemakers. People generally ignore them because they don’t form the part of financial backbone of the family. They don’t earn anything for their family. Few years back even insurance companies ignored things but now things are considered in a much different way. A woman who is the homemakers if dies early the loss is not just the moral hazard but there are other things that need to be considered. We generally ignore the invisible labour which the homemakers puts in terms of taking care of the elderly and children of the family and how she contributes to financial planning of the family.A sudden death of the homemaker can lead to unwanted financial cost which one need to bear, the things that she was taking care of now need to be handled by somebody for which you might have to pay an extra sum of money. In fact most of the insurance experts advise to have at least a term insurance for the homemakers in which the sum assured should be not less that 50% of the cover of the husband.
A well planned approach is always important whether it is the men or the women of the family. You can always look for online term insurance for the women of the family. Online versions are always cheaper and help you to plan things in the smartest way.